Upgrade Review: Pros, Cons, And Alternatives

Who Is Upgrade?

The team that created Upgrade also created LendingClub. Their goal was to create a lending product that would reduce the cost of credit while providing a great, educational experience about finance. Over the years, it launched several innovative products, including a rewards checking account. Upgrade Review: Pros, Cons, And Alternatives

The company was founded in 2016, and its headquarters is located in San Francisco.

Upgrade Personal Loans

Upgrade offers a variety of personal loan options and doesn’t seem to have any restrictions on whom it allows through its application process. Its minimum loan requirements are standard (borrowers must be U.S. citizens, at least 18 years old, and have a bank account). They do ask about your gross income on the loan application, but the application questions appear to be fairly standard as well. Upgrade Review: Pros, Cons, And Alternatives

There are some variations in loan amount and availability between states. Minimum loan amounts are $3,005 in GA and $6,005 in MA.

What Types of Loans Are Offered?

You can choose between a personal loan or personal line of credit. Both are fixed-rate loan products. Upgrade loans are unsecured. This means collateral is not required for upgrade loans or lines of credit.

Personal loans can be used for many things except the following:

• Post-secondary education (school loans including tuition, room and board, supplies, etc.)
• Investments
• Illegal activities
• Gambling of any kind

Loan amounts range from $1,000 to $50,000 with APRs from 7.74% to 35.99%*.

Remember, rates and fees are subject to change and based on credit qualification. These rates are accurate as of January 1, 2026. Please see their website for the latest rates and terms.

Upgrade is one of the only online lenders that offers a personal line of credit, which is currently in beta. Lines of credit can go up to $50,000. There aren’t any origination fees on a line of credit, and the interest rate is fixed. Upgrade Review: Pros, Cons, And Alternatives

The way an upgrade line of credit works is that you choose the amount to draw on the line. If the line is $10,000 and you draw $1,000, $9,000 remains available on the line of credit. For the $1,000 draw, you choose the terms to pay back the draw and the interest rate. Funds are moved from the line of credit directly into your checking account.

One of the main benefits of using a line of credit is that you don’t have to apply for a loan every time you take a draw. It also means no hits to your credit report for each draw.

How Does the Loan Application Process Work?

You can apply online at Upgrade.com. Once you fill out an application, you’ll be able to choose an offer. This part of the application process does a soft pull on your credit report. A soft pull does not affect your credit score. Upgrade Review: Pros, Cons, And Alternatives

Once you accept an offer, a hard pull is done on your credit report. This can affect your credit score. If approved, funds are deposited into your bank account within four days. If you are not immediately approved, additional documentation about your identity and income may be required.

Are There Any Hidden Fees?

All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds.

Any failed check (or e-check) will be charged a $10 fee. A $10 late fee is applied if payment isn’t received within 15 calendar days of your payment due date. Upgrade Review: Pros, Cons, And Alternatives

Upgrade Promotional Offer

Right now, Upgrade is offering a solid promotion if you open a personal loan and a Rewards Checking account.

You can get a $200 bonus when you open both a personal loan and checking account and make at least 3 debit card transactions within 60 days of account opening. Upgrade Review: Pros, Cons, And Alternatives

What Else Does the Upgrade Offer?

Upgrade also has a variety of rewards cards:

• Cash Rewards: Unlimited 1.5% cash back
• Triple Cash Rewards: Unlimited 3% cash back on home, auto, and health purchases

The upgrade also has a feature called ‘Credit Health’, which is similar to CreditKarma.com. It’s an educational finance website mostly focused on building good credit. Some of the main features include:

• Access to your VantageScore^® 3.0 anytime
• Credit score summary
• Credit Health insights
• Credit score simulator
• Customized recommendations
• Weekly updates
• Trending charts
• Email alerts

There are also many articles available on Credit Health. It’s a great, free resource for anyone who wants to learn how to improve their credit. Upgrade Review: Pros, Cons, And Alternatives

Who Is This For? And Final Thoughts

If you need a personal loan or want to open up a personal line of credit, Upgrade offers compelling loan products. Their rates are competitive with other online lenders, and terms are similar.